Yesterday was the day when a new set of tariffs was supposed to be announced by Trump and... he didn't disappoint, lol. Interestingly, he called them retaliatory tariffs, which may be true in some cases, and not true in others, or simply half-truths as we got used to.
Whether they are first-hand tariffs or retaliatory ones is inconsequential, because we will see retaliations to these new tariffs from those affected, or the biggest of them. So... will we have retaliations to retaliations of retaliatory tariffs next from Trump? Who knows?
If it wouldn't be so bad for the economy and for us, as the most affected by all of the big boys playing tariffs, it would be much like blame games we played as children, when no one wanted to admit fault and simply added the same "did too" in an infinite game to keep the illusory stalemate. Until we both/all got punished, if no blame got assigned.
So... with the expectation of tariffs to be announced, it was normal to see volatility in the markets, where participants tried to position themselves for what was about to come.
What I found interesting was that during the day, before the announcement, crypto held on very well, with some coins well into the green. BTC joined the green side later in the day.
I didn't expect that. I thought we would have a red day anticipating the tariffs announcement. During the day, seeing the movements, I thought the coins are pushed into the green to have room to drop afterwards. I still think this is true.
But apparently, something else happened yesterday, that was interpreted positively by the markets. Rumors of Elon Musk leaving the inner circle of Trump appeared. That may or may not be true. Even if it's not, it's a good way to test the waters and see how unpopular has Elon Musk become among various categories of traders.
If they already knew that he was unpopular, this was an easy way to have a little intra-day pump before the tariffs were announced. Some may have mistakenly interpreted that the market will have a positive reaction to the tariffs, which was pretty obvious it wouldn't have.
Anyway, pretty interesting market yesterday in crypto, for those who watched. Nothing that was good for long term decisions on investments, though.
Look what happened with BTC:
Gradually being pushed higher throughout the day, and pumped hard right before Trump's speech. Then... a sharp way down as he talked about tariffs. Anyone thought only HIVE can be pumped & dumped? 😄